Bank of New York Mellon Corp Acquires 23,861 Shares of Planet Labs PBC (NYSE:PL)

Bank of New York Mellon Corp increased its holdings in shares of Planet Labs PBC (NYSE:PL) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 573,055 shares of the company’s stock after purchasing an additional 23,861 shares during the quarter. Bank of New York Mellon Corp’s holdings in Planet Labs PBC were worth $2,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC during the fourth quarter valued at $40,000. PFG Investments LLC bought a new position in shares of Planet Labs PBC during the fourth quarter valued at $55,000. Intech Investment Management LLC bought a new position in shares of Planet Labs PBC during the third quarter valued at $135,000. The Manufacturers Life Insurance Company increased its position in Planet Labs PBC by 17.3% during the third quarter. The Manufacturers Life Insurance Company now owns 84,254 shares of the company’s stock valued at $188,000 after acquiring an additional 12,404 shares during the last quarter. Finally, Jennison Associates LLC purchased a new stake in Planet Labs PBC during the fourth quarter valued at $638,000. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Stock Down 11.0 %

Shares of PL opened at $3.78 on Friday. The business has a 50-day simple moving average of $4.88 and a two-hundred day simple moving average of $3.65. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -9.21 and a beta of 1.45. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $6.71.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The business had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $61.89 million. During the same quarter in the prior year, the business posted ($0.06) EPS. On average, equities analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on PL shares. Benchmark upped their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Needham & Company LLC upped their price objective on Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. JMP Securities upped their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Finally, Northland Securities upped their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Planet Labs PBC currently has an average rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Profile

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.